Neo Mortgage Review

How does Neo Financial work?

Neo is a Canadian financial company that leverages digital solutions to help save you money. The company is well known for offering a range of financial products such as Neo Credit, Neo Secured Credit and the Neo Account.

Now, Neo is branching out into the mortgage space by becoming a lender. It also offers expert guidance and incentives for you to seal the deal and close your mortgage online.

What fees will I need to pay with my lender?

You may pay different fees for your Neo Mortgage. These may include the following:

• Origination fees. Fees to set up or maintain your loan.
• Closing costs. Third-party fees for services required to get a Neo Mortgage, such as appraisals and title insurance.
• Early repayment fees. Fees to make early repayments on your loan.
• Late payment fees. Costs associated with making late payments or missing your payments completely.

What are the benefits of getting a Neo Mortgage?

Enjoy the following benefits when you use Neo:

• Fast application. Apply online in as little as 5 minutes and get pre-qualified instantly so that you know how much you can spend and at what rates.
• Competitive rates. Get competitive interest rates – and lock in your rate for up to 120 days.
• Dedicated support. All applicants get a human associate to assist with the process.
• Completely online. Apply for and close your Neo Mortgage completely online without the need for in-person appointments (only in some provinces).

What to watch out for

• 100% digital is limited. Digital closing is currently only available in Ontario, Alberta and British Columbia.
• No in-person service. You won’t be able to visit Neo in person to discuss your mortgage needs, which can be tricky if you run into any issues. It’s fully digital, so you’ll need to be comfortable with that.

How does it work?

Visit the Neo Mortgage main page to start your application to pre-qualify and choose from 2 different application paths:

1. Just getting started. Provide information on your current loan payments and credit score along with any other details relevant to applying for a mortgage.
2. Have a specific home you want to purchase. Input information about the home you want to buy as well as info about your debts and income to generate an estimation of how much home you can afford.

Steps to follow once you pre-qualify:

Once you pre-qualify, you can follow these steps to finalize your application and close your mortgage:

1. Enter your personal details and any supporting documents required to finalize your application.
2. Get a quote to see how much you’re approved for.
3. Compare loan terms and interest rates.
4. Meet with your Neo Mortgage specialist and lawyer over the phone or online, and sign all your mortgage documents digitally to seal the deal.

Eligibility requirements

To apply for a Neo Mortgage, you need to meet the following criteria:

• Be at least 18 years old (and 19 in some provinces)
• Have a Canadian photo ID
• Meet credit score requirements

Required documents and information

• Government-issued ID. You’ll have to show a government-issued ID like your driver’s licence or passport to prove your identity.
• Proof of income. You may be required to prove that you can make your monthly payments using pay stubs and letters of employment.
• Credit report. You’ll need to allow Neo to pull your credit report so that it can assess your creditworthiness.
• Other financial information. You may have to provide a list of your debts and assets, along with proof that you can cover your down payment and closing costs.

Neo Mortgage upcoming features

Keep checking in with Neo to take advantage of these future opportunities:

• Upgraded mobile app. Full digital servicing of your mortgage in the Neo mobile app.
• Housing data. Insights into your home’s value and what prices look like in your neighbourhood.
• Cash upgrades. Increase your odds of winning a bid with 100% cash offers or pay cash upfront to lower your interest rates.
• More offers and rewards. Access one-click home insurance offers and lock in more and better rewards as Neo’s mortgage products evolve.

Compare mortgages in Canada

1 - 2 of 2

Name	Product	Interest Rate (APR)	Loan Term	Min. credit score	Provincial availability
Homewise Mortgages Homewise Mortgages		Varies	Varies	600 (recommended)	AB, BC, MB, NB, NL, NS, ON, SK	Homewise's personal advisors can get you mortgage rates from over 30 banks and lenders.	Go to siteMore Info Compare	loading Fetching your data...
BMO Mortgages BMO Mortgages		5.31%	5 Year Fixed Rate	600	All of Canada	Get up to $4,100 in cashback. Offer ends September 4, 2024.	Go to siteMore Info Compare	loading Fetching your data...

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Frequently asked questions

• Can Neo sell mortgages online?

  Neo is currently licensed to sell mortgages in Ontario, British Columbia, Alberta, Saskatchewan, Manitoba, Newfoundland & Labrador, New Brunswick, and Nova Scotia, while other licenses are pending approval from provincial licensing authorities.

• Does Neo work with clients with bad credit or previous bankruptcy?

  Neo is committed to making mortgages as inclusive as possible for people with bad credit. Neo will work with you to try to find a mortgage solution that works for you. It also offers products to help you build your credit such as the Neo Secured Credit.

• Am I guaranteed to get a mortgage with Neo?

  Unfortunately, no. Neo will likely only approve you if you meet certain criteria. For example, you may need to have a minimum credit score. You’ll also typically need to show proof that you make enough money to cover your mortgage payments in addition to all of your other debts each month.

• Who can I contact if I have questions about my mortgage process?

  You can contact Neo’s customer service team to ask any questions you might have. You’ll also be matched up with a mortgage expert for any follow-up that might be needed on your application.